Australian unemployment rises

Via the ABS:

OCTOBER KEY FIGURES


Sep 19
Oct 19
Sep 19 to Oct 19
Oct 18 to Oct 19

Trend
Employed people (‘000)
12,923.4
12,935.7
12.3
2.1%
Unemployed people (‘000)
720.6
722.4
1.8
6.4%
Unemployment rate (%)
5.3
5.3
0.0 pts
0.2 pts
Underemployment rate (%)
8.5
8.5
0.0 pts
0.2 pts
Participation rate (%)
66.1
66.1
0.0 pts
0.5 pts
Monthly hours worked in all jobs (‘000 000)
1,783.2
1,786.1
2.9
1.7%
Seasonally Adjusted
Employed people (‘000)
12,938.2
12,919.2
-19.0
2.0%
Unemployed people (‘000)
709.0
726.1
17.1
8.6%
Unemployment rate (%)
5.2
5.3
0.1 pts
0.3 pts
Underemployment rate (%)
8.3
8.5
0.2 pts
0.3 pts
Participation rate (%)
66.1
66.0
-0.1 pts
0.4 pts
Monthly hours worked in all jobs (‘000 000)
1,786.7
1,783.9
-2.8
1.4%

SEASONALLY ADJUSTED ESTIMATES

  • Employment decreased by 19,000 to 12,919,200 people. Full-time employment decreased by 10,300 to 8,833,800 people and part-time employment decreased by 8,700 to 4,085,400 people.
  • Unemployment increased by 17,100 to 726,100 people.
  • Unemployment rate increased by 0.1 pts to 5.3%.
  • Participation rate decreased by 0.1 pts to 66.0%.
  • Monthly hours worked in all jobs decreased by 2.8 million hours to 1,783.9 million hours.

Not pretty. Wages are toast. More to come.

Houses and Holes

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.

He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.

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Comments

    • sticking or sinking. Its like you lay on the grass and then all of a sudden you smell something strange but you can quite tell where the smell is coining from or better yet you get it on your shoes and spread it everywhere.
      Luv it.

  1. Going through redundancies this week, 2 x Senior Leaders, + mostly middle management…50 heads we are estimating.
    Global reduction of 10% or 700 employees, mostly out of the US (45% of VP’s to be cut)…Americans love their VP’s.

    Mate at Boral said 20 truckies gone, half their fleet – projects dried up

  2. Speaking to senior man in construction this week.-worst conditions he had ever seen(been in game a long time)

  3. High unemployment is probably the ONLY thing that will get enough Aussies off their apathetic asses for them to put pressure on our “leaders” to cut back on the full-throttle immigration population-Ponzi.

    If that is what it takes; I welcome it.

    Aussies are going to have to have a very rude awakening in order to start giving a crap; other than lip service to what is going on.

  4. How are these stats determined ? If you are out of work when do “they” know and count it as such ?. I reckon rate is much higher.

  5. A lot of unwarranted excitement from one month’s figures.

    The trend definitely shows a softening, but nowhere near the apocalypse that others appear to assume is here.

    • Point is, unemployment is a lagging indicator and for months the other indicators have been suggesting it should turn up. So we might be at the start of a pretty bad run. Brace yourself if so.